The developer obtained the funding for the $80-million NeoVertika, its second project, through Wachovia Bank NA. Jess Lawhorn Jr., senior vice president of Wachovia Bank, helped facilitate the financing transaction.

NeoVertika will be located on 2.2 acres at 690 S.W. 1st Court in Brickell Village, on the South Bank of the Miami River. Prices for the splits, or two-story units, start in the $250,000s. In addition, prices for the flats start in the $160,000s.

The project also will feature approximately 20,000 sf of ground-floor retail space, according to Frank Guerra, president of Neo Concepts LLC. NeoVertika is currently 85% sold at press time. Buyers responded well to the project initially, and the project was 60% reserved last summer, shortly after sales began--something Guerra has attributed to the project's affordable prices.